This move is part of Swift’s Customer Security Programme (CSP), a community initiative launched in 2016 aimed at increasing security and trust across the financial community around the world.
Payment Controls aims to help payment operations teams mitigate fraud risk through its alerting and reporting functionalities. The service may flag, hold, release or reject high-risk or uncharacteristic payments, adjustable to the business’ needs.
The service, hosted in the Swift cloud, will initially cater for smaller financial institutions, and requires no hardware or software installation or maintenance.
The company says this new service will bolster its own global payments innovation (gpi), its new standard in cross-border payments.
As part of gpi, and to further strengthen customer defences, Swift will introduce a new ‘stop and recall’ capability that will enable banks to immediately stop and recall a payment anywhere in the chain. The new feature will provide another barrier against fraud – mitigating business disruption and financial losses in the face of rising threats.
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